First National Bank, Rosemount, MN (Charter 11776)

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ca.1910 postcard of the State Bank of Rosemount, which became the First National Bank in 1920. Courtesy of Mark Drengson.

First National Bank, Rosemount, MN (Chartered 1920 - Liquidated 1931)

Town History

Rosemount is located in Dakota County in east central Minnesota, just south of the Twin Cities of Minneapolis and Saint Paul. Rosemount was established as a township in 1858 and incorporated as a city in 1972, encompassing the old villages of Rosemount and Pine Bend.

During the National Bank Note Era (1863-1935), the population of Rosemount was 238 in 1910 and 294 in 1930. Its highest (and current) population is 25,650 (2020).

Rosemount had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.

Bank History

In 1909 the State Bank of Rosemount was opened by local businessman and Norwegian immigrant Sievert Netland. Netland owned/ was involved in several banks in the Dakota County area. The bank building was built at a cost of $4050 just one building west of the Northwest corner of the central intersection in downtown Rosemount. It was organized Jun 9, 1920 as a national bank, and officially chartered as the First National Bank of Rosemount on July 1st, 1920. Sievert Netland served as President and Minnesota native Ferdinand Ruhr served as Cashier of the National bank from 1920-28. In 1929 the bank was sold to Mr. Ruhr and Ralph Toombs became cashier. On July 1st, 1931, the bank was liquidated as a national bank and became the First State Bank of Rosemount, which is still in business today. In 1949 former cashier Ralph Toombs purchased the bank. 11 years later a new building was built less than a block away from the original national bank and the old building was utilized for various purposes until it was demolished to make way for a daycare center in the late 1980s. The First State Bank is still owned by the Toombs family today, with one of Ralph Toombs grandsons currently serving as president.

Official Bank Title(s)

1: The First National Bank of Rosemount, MN

Bank Note Types Issued

Series 1902 Plain Back $5 bank note with pen signatures of Ferdinand A. Ruhr, Cashier and Sievert E. Netland, President. Courtesy of Mark Drengson.
Series 1902 Plain Back $5 bank note with pen signatures of Ralph M. Toombs, Cashier and Sophie W. Netland, Vice-President. Courtesy of Sullivan Labno.

A total of $90,800 in National Bank Notes was issued by this bank between 1920 and 1931. This consisted of a total of 18,160 notes (18,160 large size and No small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
1902 Plain Back 4x5 1 - 4540

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1920 - 1931):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

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